The dollar reversed some of its latest gains overnight, following reports that a Chinese delegation will visit the US later this month in order to discuss trade. As for today, EU and UK officials return to the negotiating table after a short summer break and thus, pound traders may be sitting on the edge of their seats in anticipation of any headlines over the talks.
US and China Willing to Resume Trade Talks
The dollar traded lower against all but two of the other G10 currencies on Wednesday. It gained only against CAD, while it traded virtually unchanged versus SEK. The main winners against the greenback were AUD, EUR and JPY.
The Aussie gained the most against the US dollar after data showed that Australia’s unemployment rate slid to 5.3% in July from 5.4% in June. The Loonie was the sole loser perhaps due to the slide in oil, which came under selling interest after data showed an unexpected rise in US crude oil inventories.
Overall, the dollar may have reversed some of its latest gains, with DXY reaching a new 13-month high yesterday near the 97.00 mark, following overnight reports that a Chinese delegation will...
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